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A. A release of reverter for the Triangle Parcel of Sysco Outlot A, Ramsey County, <br />Minnesota; and <br />B. An easement for Easement Number One (to Sign No. 7) and consent of mortgagee <br />if required. <br />ARTICLE IV <br />CL45ING <br />4.01. The closing (the "Closing') of the transaction contemplated by this Agreement shall take <br />place at a date to be mutually agreed upon by the parties. The Closing shall take place at the <br />off.-ces of the City or with a title company and at a location to be mutually agreed upon by the <br />parties. <br />4.02. Sysco will be responsible for the cost of recording the deed defined in Section 3.01 of this <br />Agreement and any other costs associated with said conveyance including title search, title <br />commitment and title insurance premimn costs and state deed tax. The City will be responsible <br />for the recording fees of the conveyances defined in Sections 1.02, I.OS and 1..06 of this <br />Agreement. <br />4.03. City agrees to deliver possession of the Sysco Division on the date of Closing, in the same <br />condition existed on the date of this Agreement. <br />4.04. Sysco shall order a commitment for an owner's policy title insurance from the Title <br />Company at its expense for the property described in Exhibit B. Sysco shall be allowed twenty <br />(20) days after receipt of the title commitment from the Title Compan}~ for examination of said <br />title and the making of any objections thereto, said objections to be made in writing or deemed to <br />be waived. Pending correction of title, the closing date shall be postponed, but upon correction <br />of title and within ten (10) days after written notice, Sysco shall perform as provided in this <br />Agreement. If. Sysco makes objections to the title commitment and City does not cure (or <br />provide written assurances of curing) Sysco's objections within thirty (30) days from the date of <br />Sysco's written objections, Sysco shall, by written notice to City, either: <br />A. terminate this Agreement, in which event this Agreement shall become <br />terminated and neither party shall be liable for damages hereunder to the other <br />party; or <br />B. select to accept title in its existing condition, in which event the quit claim. deed to <br />be deliver at Closing Date shall except such objections (except as for Cit}r's <br />written assurances to cure title objections). <br />4.OS City shall order a commitment for an owner's policy title insurance from the title Company <br />at its expense for the property described in Exhibit D and Exhibit E. Cit}~ shall be allowed <br />twenty (20) days after receipt of the title commitment from the Title Company for examination <br />of said title and the making of an}~ objections thereto, said objections to be made in writing or <br />deemed to be waived. Pending correction of title, the closing date shall be postponed, but upon <br />correction of title and ~~+ithin ten (10) days after written notice. City shall perform as provided in <br />this Agreement. If City makes objections to the title commitment and Sysco does not cure (or <br />T~TKE-268559.4 <br />MU205-35 <br />